JPMorgan Invests In Blockchain Firm TRM Labs: Report

JPMorgan invests in blockchain firm TRM labs but the amount of funds invested remains undisclosed as we read further in today’s latest blockchain news.

The multinational giant JPMorgan Chase became one of the main backers of blockchain company TRM labs. The latter provides blockchain intelligence services for monetary institutions and crypto-focused businesses. One of the leading banks JPMorgan invests in blockchain technology but in the past, it was not so keen on the digital asset industry, and in fact, its CEO Jamie Dimon is among the biggest critics of crypto who claimed that BTC is worthless and that cryptos can’t compare with traditional fiat currencies and gold.

However, the institution started opening its arms to the sector in the past few months and it even provided a wealth management client with exposure to six crypto funds. According to a recent press release, JPMorgan continued its efforts in the field by investing an undisclosed amount to the TRM labs blockchain-based company. Based in California, the latter helps digital asset-focused businesses, public agencies, and monetary institutions investigate and manage crypto-related fraud and other types of crimes.

Esteban Castano who is the co-founder of TRM Labs opined that the investment outlines the importance of the growing crypto industry:

 “We are thrilled to build on this opportunity as we work to enable a safer crypto-economy for all.”

Umar Farooq who is the CEO of Onyx said that his company spent about six years exploring the possibilities of blockchain technology so companies like TRM Labs can secure the future development of the sector. It is also worth noting that the California-based organization closed a $60 million fundraising round led by Tiger Global and also brought in some major crypto players like Monday, FTX Us, and Circle.

Last month, the investment bank joined the growing number of companies that believe the Metaverse will play a huge role in the future and JPMorgan made a prediction even that the industry will become a trillion-dollar market in the next few years:

“The Metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.”

The world’s biggest digital asset management firm Grayscale Investmetns envisioned a similar scenario and it has the potential to compete with Web 2.0 organizations which are worth around $15 trillion.